EU 'will solve its debt crisis'

Updated: 2012-02-13 08:03

By Fu Jing (China Daily)

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European leader says measures to tackle problem are being taken

BRUSSELS - The European Union itself, not China or any other emerging nation, will solve the eurozone debt crisis, European Council President Herman van Rompuy, said.

EU 'will solve its debt crisis'

"The debt crisis in the eurozone is being solved by its members - the euro is a part of the DNA of Europe, a common currency at the heart of the daily life of more than 300 million citizens," Van Rompuy told China Daily in an interview before departing on a visit to India and China.

"All European leaders are determined to do whatever is needed to overcome the crisis," he said.

Van Rompuy will attend a summit with Chinese leaders on Tuesday. His remarks have dented speculation that the reason for his visit is mainly to seek Beijing's support in tackling the debt crisis.

His agenda includes cooperation on global and regional issues and this emphasizes the strategic interdependence between China and Europe, he said.

The EU has established a permanent rescue fund, the European Stability Mechanism, and that should be in place by the summer. It will have funds of 500 billion euros ($660 billion).

The existing rescue fund, the European Financial Stability Fund (EFSF), still has about 250 billion euros. More funds may be needed to build a firewall to protect bigger eurozone economies that may face difficulty.

Beijing has been closely watched by the market, especially after the EFSF head Klaus Regling visited China and other countries for help at the end of last year.

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